1. Business
  2. Accounting
  3. revenues are normaly recogued when company transfers promised goods or...

Question: revenues are normaly recogued when company transfers promised goods or...

Question details

Revenues are normaly recogued when company transfers promised goods or services rh the amount he company expe㎝ to receve. The amours recorded the cash-equrvalent sales price. The following a. A popular ski magazine company receives a total of $12,245 today from subscribers. The subscriptions begin in the next fiscal year. Answer from the magazine companys standpoint b. On September 1 of the current year, a bank lends $2,800 to a company, the note principal and $336 ($2,800 12 percent) annual interest are due in one year. Answer from the banks standpoint Fucillo Automotive Group (offering a wide variety of car and truck brands) sells a Ford F-150 truck with a list, or sticker, price of $20,050 for $19,050 cash, d. Macys department store orders 1,200 mens shirts for $26 each for future delivery from PVH Corp., manufacturer of 1Z0D, ARROW, Van Heusen, Calvin Klein, and Tommy Hifiger apparel. The tarms require payment in full within 30 days of delivery. Answer from PVH Corps standpoint e. PVH Corp. completes production of the shirts descibed in (d) and delivers the order. Answer from PVHs standpoint. f. PVH Corp. receives payment from Macys for the events desonbed in (d) and (o). Answer from PVHs standpoint A customer purchases a ticket from American Airlines for $650 cash to travel the following January. Answer from American Aininess standpoint. Ford Motor Company issues $20.9 million in new common stock Michigan State University receives $18,540,000 cash for 86,000 five-game season football tickets Michigan State plays the first football game referred to in () k. Precision Builders signs a contract with a customer for the construction of a new $1,690,000 warehouse. Al the signing, Precision receives a check for $191,000 as a deposit on the future construction. Answer from Precisions standpoint L A customer orders and receives 11 personal computers from Delt the customer promises to pay $9,400 within three months. Answer from Deiis standpoint m. Sears. retail store, seis a $300 lamp to a customer whocharges the sale on his Sears oodit card. Answer bom Searss standpoint. Required: For each of the transactions, if revenue is to be reoognized in September, indicate the revenue account title and amount. If revenue is not recognized choose None. Round Interest revenue answer to 2 decimal places.)
Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution